Frequently Asked Questions

Frequently Asked Questions

Are your properties only for investors?

The properties bundled with property management by Classic Property are designed to be investment properties that we will put onto the rental market immediately once built. If you are looking to purchase a House & Land package or Design & Build a home for yourself or your family to live in, our team will be able to connect you with a Classic Builders consultant to discuss opportunities.

How can I register for upcoming investment properties?

If you are on our website, you can fill in the form at the bottom of the page, to receive a general Classic Property information pack and register your interest to hear about our upcoming properties.

What is a turnkey home?

A turnkey home is a property that is ready to live in when you purchase it… there is no extra work needed. Our properties are brand new, built to high standards with all healthy homes and landlord requirements taken care of, making them ready to immediately rent out and receive rental income from.

Are the properties freehold? Is there a body corporate?

The properties are all freehold (you own the ground beneath), and therefore there is no body corporate. You are responsible for paying your own rates, organising rubbish collection etc.

What features do your investment properties include?

The features will vary across each investment property, you can find all the specifications in the development specific information packs.

Are the prices fixed, or could we be subject to prices increases throughout the build?

The price of each investment property is fixed, the only change to the market price will be if you choose to upgrade any of the products used in your build, this will be determined at the time of signing the contract on your investment property.

Does the price include GST?

Yes, all prices include GST.

Am I affected by the new investment property rules announced by the government?

Whilst the legislation is frequently evolving, the recent announcements were to curb rising house prices on existing builds. Given there is a shortage of housing in New Zealand, many of the rules introduced excluded new builds including extension of the bright-line test, tax deductions on interest paid and loan-to-value ratio restrictions.

Do you build your own properties? Who is the developer?

Our building partner is typically Classic Builders (part of the Classic Group), on some occasions we will use other trusted local build partners. The build partner will always be clearly outlined in the design specifications in the development information pack.

Are the properties guaranteed under a warranty?

Yes! All our properties come with Classic After Care, meaning from the completion of the build you will have a 12-month warranty whereby we will remedy any faulty materials or workmanship in the items supplied or undertaken by the vendor, except those arising from wear and tear.

In addition to this, your new build is also covered by a 10-year warranty for anything structural.

Are your properties built to the new healthy home’s standards?

Yes, all of our properties are built to meet all the required standards for ‘Healthy Homes’ as outlined in the Residential Tenancies (Healthy Homes Standards) Regulations 2019. Which includes a standard level of heating, insulation. ventilation, moisture and drainage and draught stopping.

How much of a deposit do I need for an investment property?

Due to the latest LVR restrictions, most investors require a 40% deposit to purchase an investment property, however if you are purchasing a new build investment property you will still be able to get a loan with just a 20% deposit.

How do I make payments for my investment property?

You are required to pay 10% of the total purchase price as a deposit at the time of signing your contract. After that you can choose to make progress payments throughout the build or pay a lump sum at the completion of the build.

Can you tell me more about your Property Management services?

Classic Property is a leading property management organization that is part of the Classic Group. Our professional team will take care of everything from marketing, tenant vetting, payment processing/disbursement, inspections, and maintenance.

What happens if there’s an issue with a tenant or the property requires maintenance?

Classic Property will take care of all remedial work and maintenance on your property. Depending on what package you select, we will come to you for approval of any maintenance expenses above certain thresholds.

Is the building built to seismic codes in New Zealand?

Yes they are built to meet the requirement in the New Zealand Building Code.

Can I make variations to my investment property?

To keep costs down and decrease build times (to fast-track rental income for you!), there will be one opportunity to make upgrades to certain features of your property, this will be before you sign the comprehensive contract. After this there will be no changes possible. Classic Builders work with only the highest quality suppliers and have relevant warranties in place to ensure the property is more than fit for purpose.

How will I be kept informed of the progress of the build?

You will be provided with a construction schedule just prior to the start of the build that will specify timelines for each of the key build stages.

We will contact you at specified points through-out the build, either via email or closer to the completion of the build we will bring you on site to see the progress.

To find out more about the various stages, request a copy of our investor pack.

Frequently Asked Questions

Are your properties only for investors?

The properties bundled with property management by Classic Property are designed to be investment properties that we will put onto the rental market immediately once built. If you are looking to purchase a House & Land package or Design & Build a home for yourself or your family to live in, our team will be able to connect you with a Classic Builders consultant to discuss opportunities.

How can I register for upcoming investment properties?

You may choose to subscribe to our newsletter by giving us your name and email address. If you no longer wish to receive our newsletter/s, please follow the unsubscribe link within our emails, or contact us so we can do so for you.

What is a turnkey home?

A turnkey home is a property that is ready to live in when you purchase it… there is no extra work needed. Our properties are brand new, built to high standards with all healthy homes and landlord requirements taken care of, making them ready to immediately rent out and receive rental income from.

Are the properties freehold? Is there a body corporate?

The properties are all freehold (you own the ground beneath), and therefore there is no body corporate. You are responsible for paying your own rates, organising rubbish collection etc.

What features do your investment properties include?

The features will vary across each investment property, you can find all the specifications in the development specific information packs.

Are the prices fixed, or could we be subject to prices increases throughout the build?

The price of each investment property is fixed, the only change to the market price will be if you choose to upgrade any of the products used in your build, this will be determined at the time of signing the contract on your investment property.

Does the price include GST?

Yes, all prices include GST.

Am I affected by the new investment property rules announced by the government?

Whilst the legislation is frequently evolving, the recent announcements were to curb rising house prices on existing builds. Given there is a shortage of housing in New Zealand, many of the rules introduced excluded new builds including extension of the bright-line test, tax deductions on interest paid and loan-to-value ratio restrictions.

Do you build your own properties? Who is the developer?

From time to time, Classic Property will update this policy on the website. You are responsible for reviewing this policy periodically for the latest information on our privacy practices.

You have the right to obtain access to and request correction of any of your personal information held by us. If you wish to do so, please contact us at marketing@classicproperty.co.nz.

Are the properties guaranteed under a warranty?

Yes! All our properties come with Classic After Care, meaning from the completion of the build you will have a 12-month warranty whereby we will remedy any faulty materials or workmanship in the items supplied or undertaken by the vendor, except those arising from wear and tear.

In addition to this, your new build is also covered by a 10-year warranty for anything structural.

Are your properties built to the new healthy home’s standards?

Yes, all of our properties are built to meet all the required standards for ‘Healthy Homes’ as outlined in the Residential Tenancies (Healthy Homes Standards) Regulations 2019. Which includes a standard level of heating, insulation. ventilation, moisture and drainage and draught stopping.

How much of a deposit do I need for an investment property?

Due to the latest LVR restrictions, most investors require a 40% deposit to purchase an investment property, however if you are purchasing a new build investment property you will still be able to get a loan with just a 20% deposit.

How do I make payments for my investment property?

You are required to pay 10% of the total purchase price as a deposit at the time of signing your contract. After that you can choose to make progress payments throughout the build or pay a lump sum at the completion of the build.

Can you tell me more about your Property Management services?

Classic Property is a leading property management organization that is part of the Classic Group. Our professional team will take care of everything from marketing, tenant vetting, payment processing/disbursement, inspections, and maintenance.

What happens if there’s an issue with a tenant or the property requires maintenance?

Classic Property will take care of all remedial work and maintenance on your property. Depending on what package you select, we will come to you for approval of any maintenance expenses above certain thresholds.

Is the building built to seismic codes in New Zealand?

Yes, they are built to meet the requirement in the New Zealand Building Code.

Can I make variations to my investment property?

To keep costs down and decrease build times (to fast-track rental income for you!), there will be one opportunity to make upgrades to certain features of your property, this will be before you sign the comprehensive contract. After this there will be no changes possible. Classic Builders work with only the highest quality suppliers and have relevant warranties in place to ensure the property is more than fit for purpose.

How will I be kept informed of the progress of the build?

You will be provided with a construction schedule just prior to the start of the build that will specify timelines for each of the key build stages.

We will contact you at specified points through-out the build, either via email or closer to the completion of the build we will bring you on site to see the progress.

To find out more about the various stages, request a copy of our investor pack.